Answer: $635.6
Step-by-step explanation:
The formula for compound interest continously is A = Pe ^rt
Where p is the Principal given as $500, e is a constant approximated as 2.718, r is the rate, given as 8%= 0.08, t is time given as 3years.
Slot the values into the formula:
500e ^(0.08 × 3)
500e^0.24
500 x 1.271
=$635.6
Therefore, the value of $500 invested at 8% interest compounded continuously is $635.6.
